European stocks rose as investors awaited data on US consumer confidence to gauge the outlook for the US economy. The ESTX 50 (+0.42%), UK markets (+0.34%), CAC 40 (+0.44%) and Dax (+0.30%) all posted gains in early trading. Mediaset gained +5% after Exane upgraded the company to “neutral” from “sell”, saying there is a possibility of a tie-up between the company and Al-Jazeera network. Ophir Energy lost -4.1% after UBS cut the company to “neutral” from “buy”, citing the company’s failure to find reserves in an offshore Gabon field. Imagination Technologies Group Plc tumbled -9.2% after Intel Corp sold 25 million shares at £2.05 apiece. Rolls-Royce Holdings Plc rose +1.8% on a report that Airbus Group NV may use the company’s engines in a new version of its A330 aircraft. Reed Elsevier Plc slipped -1.4% as Barclays Plc downgraded its rating on the stock.
US stocks slipped after the Federal Reserve suggested that higher interest rates may happen sooner than expected. The Dow Jones Industrial Average (-0.13%), S&P 500 (-0.12%) and the Nasdaq Composite (-0.02%) all declined. Bed Bath & Beyond Inc fell -7.2% after saying second quarter profit was less than analyst estimates amid competition from online retailers. Philip Morris International inc slid -2.7% after cutting its earnings forecast amid unfavourable currency shifts. Nabors Industries Ltd jumped +6.2% after C&J Energy Services Inc agreed to acquire the company’s hydraulic fracturing business for $2.86 billion in cash and stock. Iron Mountain Inc surged +20% after its board approved the company’s conversion to a real estate investment trust. Alcoa inc gained +2.7% after agreeing to buy Firth Rixson Ltd for about $2.5 billion in stock and cash. GoPro Inc gained +31% following its IPO. The company raised $427 million, selling 17.8 million shares for $24 each, the high end of the marketed range.
Asian stocks fell after a Federal Reserve official said the US may raise interest rates in March. The Nikkei 225 (-1.39%) and the S&P/ASX 200 (-0.35%) both declined, while the Hang Seng (+0.03%) was pretty flat. Oracle Japan declined -5.1% after forecasting its full year operating profit will be 45 billion yen, compared with the 47.7 billion yen median estimate of analysts. Ono Pharmaceutical jumped +5% after public broadcaster NHK said Japan’s health ministry will approve for melanoma treatment, saying the product may be distributed by year end. Standard Chartered Plc dropped -3.7% in Hong Kong after the bank that generates 58% of its revenue in the Asia-Pacific region said first half profit fell 20%.
Morning Spread 8th March 2017 European shares traded flat this morning, the modest moves masking significant results driven games by several companies on a bust day for European earnings.
Morning Spread 2nd November 2016 Asian stocks followed global equities lower despite gauges of manufacturing in China topping estimates and the Bank of Japan maintained its record stimulus program.
Morning Spread 1st November 2016 Asian stocks were mixed as declines in oil prices dragged energy shares lower and investor anxiety grew over next week’s US presidential election.
Morning Spread 28th October 2016 Asian stocks fell as oil explorers pushed down Hong Kong gauges, while investors digested earnings from several companies.
Morning Spread 27th October 2016 US stocks were mixed following the release of earnings from several companies.
Morning Spread 24th October 2016 US stocks were little changed as a record day for Microsoft and earnings from McDonald’s helped offset a fall in energy and healthcare shares.
Morning Spread 19th October 2016 Asian shares rose as a barrage of Chinese data confirmed the economy had stabilised on the back of government spending and a hot housing market, even if worries about debt continue to mount.
Morning Spread 10th October 2016 Asian stocks were mixed following the second US presidential debate between Hilary Clinton and Donald Trump.
Morning Spread 5th October 2016 Most Asian stocks outside Japan slid on concern central banks will reduce stimulus, while the Nikkei climbed after the yen weakened.
Morning Spread 27th September 2016 Asian stocks advanced with investors viewing Democratic candidate Hillary Clinton as having gotten the upper hand in the first US presidential debate.